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Ledger fires 12 percent of its employees, claiming “macroeconomic headwinds.”

At the time of its public disclosure, the wallet manufacturing titan was said to have a workforce of approximately 734 individuals. This hints at the possibility that roughly 88 dedicated souls may have found themselves in the unfortunate throes of job displacement.

Pascal Gauthier, the venerable Chief Executive Officer and esteemed Chairman of Ledger, the distinguished purveyor of hardware cryptocurrency wallets, has made the solemn proclamation that the establishment shall undergo a 12% reduction in its staff. This pronouncement was unveiled to the world via a blog post on October 5th.

In this missive, Gauthier attributed this drastic maneuver to a staunch commitment to the long-term sustenance of the enterprise. He referenced the tumultuous 2022 bear market and the lamentable demise of industry peers like FTX and Voyager Digital as key factors that informed this somber decision. According to gleanings from the annals of LinkedIn, Ledger’s workforce, at the time of this communiqué, was thought to hover around the figure of 734 souls. Thus, the inference is that approximately 88 individuals may have had their occupational moorings cast adrift.

The CEO expounded further, stating, “Macroeconomic headwinds are circumscribing our ability to engender revenue. In acknowledgment of the prevailing market vicissitudes and the pragmatic exigencies of business, we find ourselves compelled to downsize roles across our global purview.” His voice laden with sorrow, he continued, “Regrettably, this necessitates the arduous resolution to curtail 12% of the positions within Ledger.”

This announcement arrived on the heels of Ledger’s successful completion of a funding round that amassed more than $109 million, thereby conferring upon the enterprise a valuation of $1.4 billion. It was in the month of August that Ledger seamlessly integrated its Live software with the venerable PayPal platform, allowing denizens of the United States with duly authenticated accounts on this digital payment avenue to partake in the acquisition of cryptocurrencies.

Numerous cryptocurrency entities, confronted with an uncertain market landscape and the shifting sands of U.S. regulatory policies, have similarly declared measures to reduce their workforce. In the annals of September, Binance.US bade farewell to its President and CEO, Brian Shroder, while approximately 100 dedicated personnel were relinquished from their roles. Nansen, Coinbase, Huobi, and have all issued statements of intent to engage in similar staff streamlining throughout the year 2023.

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